Saturday, September 17, 2011

Christie Moves To Cut Red Tape On Home Sales

On Wednesday, New Jersey Governor Christie signed legislation to boost New Jersey’s real estate market and cut red tape to ease the individual sale of homes and seasonal rentals by providing an exemption from New Jersey’s bulk sales notification process. The bulk sales notification process was established in 2007 to ensure the State was able to collect outstanding tax liability from businesses before they left the State or disposed of a large portion of assets.
Because of the manner in which the law was written, the sale of single family homes from individual sellers was made subject to the requirements, resulting in home purchasers having to file paperwork and provide ten days notice to the Division of Taxation for every real estate transaction, or else risk being held liable by the State for the seller’s delinquent taxes. Under A-2748, the sale by individual sellers of any dwelling unit, primarily one- and two- family homes, will no longer be subject to the bulk sales notification requirements.

A-2748/S-2313 (Diegnan, Schaer, Lampitt, Conners/Van Drew, T. Kean) – Exempts sales of certain homes and seasonal rentals from the bulk sale notification requirements

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